11-6-2023 (KUALA LUMPUR) With 76.9% of Malaysians currently owning a home, the government is hoping to further increase this number by implementing stamp duty exemptions for first-time house buyers, according to Nga Kor Ming, the Local Government Development Minister.
The Ministry is determined to ensure that every Malaysian has a place they can call home and has proposed this initiative to the Finance Ministry. Following careful consideration, the Finance Ministry has decided to proceed with the stamp duty exemptions.
“We want to make sure every Malaysian owns a home; we want to make sure that they have shelter and a roof above their head,” Nga stated. He expressed gratitude to the Prime Minister, who is also the Finance Minister, for continuing the Home Ownership Programme.
Nga made these comments during a visit to the Kampung Simee wet market in Kuala Lumpur, where he also announced six development projects totaling RM3.46 million. These projects include infrastructure upgrades and improvements to roads, drains, and gutters in various areas.
Under Budget 2023, the Finance Ministry has announced that first-time house buyers will continue to enjoy a 100% stamp duty exemption for purchases not exceeding RM500,000 through the Malaysian Home Ownership Initiative (i-Miliki). Additionally, a 75% stamp duty exemption will be granted for first-time home ownership for houses priced between RM500,000 and RM1 million under the same initiative.
Nga, who recently returned from Africa, revealed that Malaysia is seen as a model for many developing countries. He mentioned that the housing minister from Kenya is scheduled to visit next month, expressing the need for progress and further initiatives to enable Malaysians to purchase their first homes.
“The exemption can save them more than RM20,000, and it will be a good time for housing developers to take the opportunity to launch and promote their properties,” Nga added, highlighting the potential benefits of the stamp duty exemptions.
